Guest RICHEZ Posted June 4, 1999 Posted June 4, 1999 I have a paired money purchase and profit sharing plan. For the calendar year, there was a $3000 receivable for the MPP, none for the PSP. Each plan had about $3200 in forfietures. The HCE made sure to have his own $30,000 in cash contributions between the two plans in order for him to reach the 415 limit. What do I do about the forfeitures? Both plans have forfeitures reallocated to remaining participants. There are not enough NHCE's to fully absorb all of the forfetures.
Larry M Posted June 5, 1999 Posted June 5, 1999 what do the plans say with respect to forfeitures and excess contributions? How does the money purchase plan handle forfeitures? - an addition to contribution or a reduction? How does it handle contributions in excess of 415 limits? - suspense? return to employer? pay to tpa as aggravation expense ?
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